The final event of the America Loves Crypto tour took place yesterday in Washington, DC, as the country counts down to the 2024 election. Speakers including Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin, and Congressman Wiley Nickel (D-NC) addressed the packed crowd at the Black Cat music venue.
There was one thing the speakers largely agreed on: It is important to support cryptocurrencies in America through a concerted, bipartisan effort.
During their joint stage appearance, Brian Armstrong and Congressman Nickel emphasized that they believe it is critical to preserve and promote innovation in the cryptocurrency space in America.
This importance, especially for Nickel, is not only based on faith in the technology, but is reportedly due to the fact that 20% of American adults own some form of cryptocurrency, a voting bloc that Nickel believes “has the potential to influence elections.”
Nickel added: “If we want to get anything done in Washington, it’s critical that we do it in a bipartisan manner. If we politicize the issue and one party gets into crypto while another gets into crypto, it will poison the mood in Washington for a decade.”
Since Biden took office in 2020, his administration’s SEC, DoJ and DoE officials have introduced a slew of unwelcome regulatory hurdles. Nickel’s support of cryptocurrency, in particular, signals a change in mood from the historically hostile Democratic Party.
“I first came to Washington five years ago, and when I first came here, most people didn’t even know what crypto was,” Armstrong said. “One congressman asked me, ‘Isn’t this all some video game or something?’ As they found out what crypto was over the years, the conversation completely changed. Now everyone knows what crypto is, we’re kind of like the prom queen, the hot topic on everyone’s lips.”
However, one participant, a senior executive at a well-known financial institution who wished to remain anonymous, commented on the development of crypto policy and what he believes is the lack of commitment from the Democratic Party.
In particular, the executive believes that the Biden administration’s veto of SAB 121, which, if signed, would have allowed heavily regulated financial institutions to hold digital assets, was an important wake-up call.
They noted that despite raising large sums of money for campaign donations, the crypto industry still carries a strong stigma and that policymakers do not give this single-issue voting bloc the respect it deserves.
The America Loves Crypto tour focused on addressing the stigma with a mix of live music and community building at the grassroots level. Alex Pall and Drew Taggart, aka The Chainsmokers, closed the event, entertaining the crowd with their classic hits, unreleased music, and most importantly, a shout of “F$*# Gary Gesnler.” The Chainsmokers themselves are familiar with cryptocurrencies, and in 2020 they founded the Mantis Venture Capital Fund, which specializes in technology and cryptocurrencies.
With stops in Arizona, Nevada, Michigan, Wisconsin, Pennsylvania and Washington, DC, many attendees on the America Loves Crypto tour were confident that the more than 1.4 million Stand With Crypto advocates across the country will flex their muscles in November and be a real deciding factor.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
